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Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in April to 2.13% from 2.19% in March. The serious delinquency rate is down from 2.93% in April 2013, and this is the lowest level since November 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Earlier Freddie Mac reported that the Single-Family serious delinquency rate declined in April to 2.15% from 2.20% in March. Freddie's rate is down from 2.91% in April 2013, and is at the lowest level since February 2009. Freddie's serious delinquency rate peaked in February 2010 at 4.20%.

The last few years have been hard on economists trying to predict the path of the U.S. economy. As a group, they keep forecasting fast growth just around the corner, only to be disappointed again and again. Read full article &#62;&#62;

Thomas Piketty thinks the Financial Times knows nothing of his technical work. That's the Cliff Notes version of his 4,400-word response to the criticisms the Financial Times leveled against the data in his best-selling book " Capital in the Twenty-First Century ." Piketty says that even though he expects people to improve on his work in the future, he still stands by it today, and the mistakes the Financial Times thinks it's found aren't actually mistakes - and that they'd know this if they'd read the appendices he put online. Read full article &#62;&#62;

The city of Los Angeles accused JPMorgan Chase & Co. of steering minority borrowers into risky home loans they couldn't afford, triggering a foreclosure wave that hammered property values and city coffers.

WASHINGTON (MarketWatch) -- Loretta Mester, the incoming president of the Cleveland Fed, used her maiden speech Friday to stress the importance of mantaining low and stable inflation in the economy. Mester suggested that stable inflation was the key ingredient for a healthy economy, even eclipsing low unemployment. "We cannot have full employment over the longer run without price stability over the longer run," she said in a speech to a conference on price levels sponsored by the district bank. Congress has given the Fed twin goals, often called the dual mandate, of stable prices and low unemployment. The Fed has set a 2% annual target for inflation. It has declined to set a similar target for low unemployment as estimates of this rate are subject to many virables that change over time. Mester will officially take over as head of the Cleveland Fed next week and immediately have a vote on the Fed's policy committee this year. The bulk of her remarks drilled down into how best to measure and forecast inflation. She said her own research has shown that the headline personal consumption index is a better predictor of future inflation than the core rate, which strips out volatile food and energy prices. This turns conventional wisdom about inflation on its head.

Bond, Stock Rally Shows Need to Be Prepared (to Be Wrong) Bloomberg During the first two World Wars, Boy Scouts sold U.S. bonds to help finance the fighting. If they were still at it today, there&#39;d be a lot of merit badges to pass out globally after every bond market in the world rose in May. The Scouts never were called upon to sell&nbsp;... and more&nbsp;&raquo;

WASHINGTON (Reuters) - U.S. house price rises will likely slow further over the next two years, curbed by tight lending standards, slow wage growth and a lack of first time buyers, a Reuters poll found.

You can be an optimist about the long-term direction of technological innovation and still have legit concerns about workers. Once the province of neo-Luddites, the idea of technological unemployment and a potential sharp divergence between the tech savvy and everyone &#8230; read more &#62;

You&#39;re All Whales in Bond Market Now With Trading Volume Slump Bloomberg It&#39;s getting easier for a smaller group of bulls in the U.S. Treasury market to create angst for the bears. That&#39;s because government-debt trading volumes have slumped to 18 percent below the decade-long average, Federal Reserve data show. As Brean&nbsp;...

The Federal Reserve should begin raising interest rates soon after it winds down its bond-buying program in order to rein in budding risks in the financial system, Kansas City Fed President Esther George said Thursday.

Borrowers Show No Rush to Grab US Rate Break: Mortgages Bloomberg This was supposed to be the year that U.S. mortgage rates soared. Instead, they&#39;re retreating. Interest rates unexpectedly fell this year after the Federal Reserve began scaling back the stimulus that held borrowing costs near record lows since 2011. After five&nbsp;... and more&nbsp;&raquo;

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